Working in Coral Gables...plz Help!! (Miami, Kendall: for sale, rental, health insurance)

[Manolosal]

Hello Everybody,

I have the possibility to move from El Salvador (Central America) to Coral Gables. I'll be working as a diplomatic commercial advisor.

The consulate is in Coral Gables (zip code 33134). I'm moving with my wife and 2 kids: 4yo and 13yo.

I'm willing to endure a 1hour commute if necessary but we want a family friendly community with great schools (they go to private schools here).

I will be making $4,500.00 per month. I've been told that as a diplomat I won't pay any taxes, is that true? what other benefits will I have?

Also, will that sallary be enough to make a comfortable living? How much should I pay for a 3bedroom/2bathroom/2car garage house?

Where can I find more info on living expenses in the area?

Sorry to ask so many questions, but I need to confirm for this position by next Monday, so any imput will be cherished!

Rgds,

Manuel

[HGONZ001]

Manuel,
Housing in Miami-Dade County is very expensive. If you want to find a house with 3bedroom/2bathroom/2car garage you should be ready to pay at least $300,000 for it. With insurance and taxes your monthly mortgage payment would be close to $3000. That's more than half of what you would bring home with your salary. Some areas are less expensive than others. Coral Gables is very high end. Those houses are at least half a million dollars. The problem with Miami is that home owner's insurance and property taxes will be almost as high as your monthly mortgage payment. Home prices are falling, because no one is willing to pay so much money for a ranch style house in hurricane alley. But those prices are not low enough.
In my honest opinion, if you are the only one working in the family and your salary is around $4500 a month, you will have a hard time paying for your housing in addition to your kids private school and other living expenses. Good luck.

[BarryU404]

You could try the Kendall area, which would be about a 30 minute commute in rush hour, but it's crowded and the traffic stinks. Try contacting a local (helpful) realtor, that could do some searches for you, or google "homes for sale coral gables" or something, just to get an idea of prices. Good luck!

[bale002]

Why even contemplate buying? Diplomatic assignments are usually temporary anyway, maybe maximum six years. Maybe the original poster can specify the proposed length of the assignment.

You can rent 3 bedroom townhouses and houses in and near Coral Gables for around $1700-$2000 per month.

miami craigslist > apts/housing for rent: search for "Coral Gables"

Yes, you can rent for less if you go further west to Kendall, try zip codes 33143 (which includes South Miami) and 33173 first, possibly Pinecrest (33156) which may be a bit pricey, but worth a try.

If indeed your salary is not taxed (I really don't know that answer to the question), then certainly $1700 is within budget, $2000 might be stretching it: even rental prices are negotiable.

Good luck!

[Manolosal]

Wow!

This forum is really helpful and you guys are simply the best. Thanks for repplying this fast!

As the last poster remarked, indeed it is a 5 year position, so we are definitely renting a house, i was hoping to get something decent for about $1500 mo., I read a couple other posts in this forum and I'm considering Cooper City, Pinecrest, Coconut Grove, South Miami and Palmetto Bay.

As for school, even though my kids go to private school, it is not that expensive compared to those in the US ( I pay around $500.00 for both my kids), ad they are the best bilingual schools in the country, with IB.

If I take the job, I'll be putting them to the best public school I can get.

Ok, even if I pay $1500 for a nice house, would the extra money be enough to live? Where can I find info on the costs of living in Miami?

My wife drives a 05 Hyundai Santa Fe and I drive a 03 Misubishi Lancer. How much are those cars in Miami?

$4,500.00 sounds great if I stayed here (you can make a great living with $3000), but will I struggle in Miami?



Thanks again for all your help...


Manuel

[bale002]

Another important question is whether the position also includes health insurance for the whole family.

If no taxes, and health insurance is covered, then you will at least stay within budget.

If you have two cars, with gas and insurance, you may indeed struggle (car insurance will no longer be mandatory, but I do not recommend driving without insurance). Why do you need two cars? Is your wife also working?
The most reliable cars with the best gas mileage are usually Toyota and Honda. Perhaps it is wise to consider buying a used Toyota with good gas mileage.

You should be able to find a rental at $1500, but finding quality will be a challenge.

So, the first important thing is to make sure that your compensation package includes no taxes and medical insurance.

If not, forget it, you will either struggle or even come in under budget and actually lose money, unless your wife is also working and making at least $2000 a month gross.

Remember one thing: the middle class in "emerging" countries is on the way up, while the middle class in the US is on the way down. Furthermore, though you may find a good public school, putting two children into public school, in any country on the planet, is a risky proposition at best. Chances are they are better off in a private school in El Salvador than a public school in the US or anywhere else.

I would feel more comfortable with $6500 per month in Miami than $4500.

Here are estimates for the cost of living:
rent: $1500-$2000 a month
food for four: $500 a month (low estimate)
electricity: average $125 a month
car insurance: $125 a month (1 car, low estimate, could be double)
gas: $2.50-$3.00 per gallon, monthly bill depends on distance and gas mileage
telephone & internet: $50-$75 per month, depending whether also national service (negotiate price with Bellsouth)
cellphone: $40-$80 a month depending on plan, T-Mobile offers prepaid service $0.10 per minute
water: maybe included in rent
cable TV: DON'T let your children watch TV, it is HIGHLY DANGEROUS to the mind; at best, purchase DVD player with screen and DVDs with instructional content and classical movies.

What else?

Again, first make sure the compensation package includes no income tax and includes health insurance for the whole family (the financing of the US health "system" - more like chaos than a "system" - is shameful, to put it, well, diplomatically).

If you and your family are happy and comfortable in your present situation, think very carefully about the move: career-wise it sounds exciting, but financially and family-wise it could prove to be a nightmare.

Good luck!

[Manolosal]

You have no idea how useful your information has become for me, that was exactly what I was looking for (tears coming down my cheeks right now!).

I was talking to my wife last night about asking an extra $1000.00, but you made it clear for me, I should be at least an extra $2000.00

Thank you very much for your time. I'll keep in touch if I get them to pay me what I need.

Family is ALWAYS first.


God Bless,


Manuel

[bale002]

Family Is Always First!